"The Centre has issued guidelines for two major shipbuilding initiatives, backed by a ₹44,700 crore investment."

In a strategic move to establish India as a global maritime powerhouse, the Union Government on Saturday notified the operational guidelines for two major shipbuilding initiatives carrying a combined outlay of ₹44,700 crore.

The Ministry of Ports, Shipping & Waterways (MoPSW) released the framework for the Shipbuilding Financial Assistance Scheme (SBFAS) and the Shipbuilding Development Scheme (SbDS). These initiatives are designed to scale up domestic manufacturing capacity and significantly enhance India's competitive edge in the international shipping market.

A Transparent Roadmap for Growth

The newly notified guidelines provide a structured, transparent, and accountable framework for the implementation of these schemes. By streamlining the process for financial assistance and development, the government aims to attract private investment and modernize existing shipyards.

"The approved guidelines lay down a transparent and accountable framework for implementation," the Ministry stated, emphasizing the focus on efficiency and industrial strengthening.

Part of a Larger Maritime Vision

This announcement follows the landmark decision by the Union Cabinet on September 25, which approved a massive ₹69,725 crore package intended to revitalize the nation’s maritime ecosystem. The ₹44,700 crore allocated for these two specific schemes forms the backbone of that broader revitalisation strategy.

Key Highlights of the Initiatives:

Capacity Building: Focused on increasing the number and size of vessels built within Indian shipyards.

Global Competitiveness: Reducing costs and improving technology to compete with established shipbuilding hubs.

Economic Impact: Driving job creation and supporting the "Make in India" vision within the maritime sector.